“We applaud the Treasurer’s office and Reps. Pennycuick and Driscoll for this forward-thinking solution. This program will provide businesses with a valuable resource to attract and retain employees and create a path to financial success for more than 2 million Pennsylvanians without access to a retirement savings program. This mutually beneficial solution enables us to stave off the fiscal challenges ahead instead of waiting for the costs to pile up with taxpayers on the hook to pay for short-term fixes.”—Liz Ferry, vice president state legislative affairs, The Chamber of Commerce for Greater Philadelphia
“Pennsylvania’s retirement savings crisis is causing too many families to fall short. Personal retirement savings is a prerequisite to self-reliance in retirement, and Pennsylvania needs to take action to equip our workforce with the tools they need to prepare for the future. Keystone Saves will provide small businesses a competitive edge by allowing them to offer access to retirement savings that is free to the employer and low-cost to the employee, and we look forward to seeing it enacted.”—Joanne Grossi, state president, AARP Pennsylvania
“Over 1.3 million Pennsylvania households who United Way calls ALICE (asset-limited, income-constrained, employed), are one emergency away from falling into poverty, and they struggle to meet their basic needs, which makes saving difficult. Many of the workers in these households have jobs that don’t provide access to benefits like a 401(k) plan. Policies that help ALICE become more financially stable and save for retirement are essential.”—Kristen Rotz, president, United Way of Pennsylvania
“The workforce problems we face in Pennsylvania have been especially hard on our small business and manufacturing communities. The MAEA supports the Keystone Saves bill because it gives a lifeline to small businesses that can’t afford or don’t have the capacity to administer retirement plans for their employees. Having an extremely low-maintenance way to offer a plan will give the smaller players a better shot to compete with corporations for prospective workers.”—Darlene Robbins, president, Northeast Pennsylvania Manufacturers and Employers Association
“As we age, our needs for care grow, which is why it’s important for all generations to be financially prepared to meet those needs. Right now, 81% of skilled nursing care in Pennsylvania is paid for by taxpayers through social services, including the state’s Medicaid program—a government service that grossly underfunds the actual cost of care. Dependence on an unsustainable model will harm access to care for seniors. The Keystone Saves program can serve as another savings option, directly reaching workers that will further help Pennsylvanians prepare for the future they need to be thinking about today.”—Zach Shamberg, president and CEO, Pennsylvania Health Care Association
“The Keystone Saves program’s benefits are multifaceted. The program will create an easy mechanism to help workers secure their financial future while enabling businesses to provide a no-cost benefit to help their employees save. It will also address a looming fiscal crisis: Unless Pennsylvania households save more, taxpayers in the state will need to fund an estimated $14.3 billion over the next 15 years for social assistance to older households that have inadequate retirement savings. A household that begins saving as little as $25 a week in an auto-IRA can help to erase this fiscal impact on the state. Pew has been providing technical expertise to the Pennsylvania Treasury Department and commends Treasurer Stacy Garrity’s leadership on the issue. We also applaud Reps. Pennycuick and Driscoll for introducing this legislation and urge the House to approve the measure quickly.”—John Scott, director, The Pew Charitable Trusts’ retirement savings project
“Farming involves a lot of variables—many of which affect profit margin. With the passage of the Keystone Saves auto-IRA bill, a lot of people will rest easier at night knowing they have a financial safety net.”—Hannah Smith Brubaker, executive director, PASA Sustainable Agriculture
“Small business is the backbone of our country. We struggle daily to offer higher pay and benefits to our employees like bigger companies can do. I am a franchisee with only one location. The corporate company of my franchise, with all of its locations, can afford to pay benefits to their employees which in turn makes people wonder why I can't. I think this would be a great help to a lot of employees and employers without retirement plans." —Denise Boone, AARDEN Inc
"As a small business, we want to provide first-in-class benefits to our employees but often the costs and fees are prohibitive. It would be nice to have an easy way to provide a simple retirement savings plan to our employees." —Michael Ferreira, chief operating officer, Fire Solutions Group